Amended Condominium Act
29 May 2008
The amended Condominium Act makes developers of condominiums in Thailand liable for abiding by their advertising claims and takes effect on 4 July 2008. The act states that a developer holding ownership to a condominium building and the land on which the condominium stands must retain copies of all condominium advertisements in the form of text, photos, or any other advertising claims, at the condominium until all units are sold. At least one copy of all advertisements must be given to the juristic person of the condominium. Violators will face a maximum fine of 100,000 Baht.
The act specifies that all text, photo, or any other advertising claims must correspond with the details submitted when requesting registration. Details related to communal property must be clearly specified, in addition to the requirements under section 15. Violators will face a maximum fine of 50,000 to 100,000 Baht.
All text, photo, or any other advertising claims shall be considered a part of the condominium sales contract according to the act. If the text or photo conflicts with the contract, the interpretation will serve to be for the benefit of the buyer.
The sales contract must be based on the requirements under the Ministerial Regulation. A sales contract not conforming to the Ministerial Regulation and unfair to the buyer will be considered void. Violators face a maximum fine of 100,000 Baht.
A person who owns a condominium unit in place of a foreigner, regardless of whether the foreigner is entitled to own a condominium unit or not, faces imprisonment of not more than 2 years, or a maximum fine of not more than 20,000 Baht, or both imprisonment and fine. |